External broker reports(aggregated public sources), HDFC Securities

HDFC Securities

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External broker reports(aggregated public sources)

HDFC securities is the best online trading platform for stocks, IPOs, mutual fund in India. 

Content available is external broker reports authored by a third party outside the Smartkarma network and has been aggregated by an online aggregator through publicly available sources and is displayed by Smartkarma in this format for user's convenience and general informational purposes only. Content does not constitute investment or financial advice and Smartkarma makes no representation or warranty regarding its accuracy or contents. Original third party author retains all copyright and other proprietary rights in the content. Access or use of third party links not controlled by Smartkarma are at the user's own risk.

Thematic (Sector/Industry)

India Financials / Thematic (Sector/Industry)

<ul><li>ICICI Prudential Life Insurance Company: ICICI Prudential Life’s (IPRU) APE for 9MFY26 declined by 1% YoY (in line with our estimates) while VNB grew by 6% (ahead of our estimates)</li><li>VNB margin (24.4%) clocked in above our estimates as the impact of GST input tax credit was offset by increased share of protection, favorable movement in yield curve and improved rider attachment</li><li>However, improvement in VNB margin was a major surprise, as our analysis indicated 150bps net adverse impact on VNB margins for FY26E due to unavailability of GST ITC</li></ul><p><em>Content is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.</em></p>

ICICI Prudential Life Insurance Company: ICICI Prudential Life’s (IPRU) APE for 9MFY26 declined by 1% YoY (in line with our estimates) while VNB grew by 6% (ahead of our estimates)VNB margin (24.4%) clocked in above our estimates as the impact of GST input tax credit was offset by increased share of protection, favorable movement in yield curve and improved rider attachmentHowever, improvement in VNB margin was a major surprise, as our analysis indicated 150bps net adverse impact on VNB margins for FY26E due to unavailability of GST ITCContent is external broker report sourced from online content aggregator through publicly available sources and is displayed below for general informational purposes only. Refer full disclaimer below.

ICICI Prudential Life Insurance (IPRU IN)

ICICI Lombard General Insurance Company (ICICIGI IN)

HSIE 일일 실적 발표: ICICI Prudential Life Insurance Company, ICICI Lombard General Insurance...